+ x C @ . 3 Required: The owners can see that the company sold a different amount of units than budgeted. They have asked you to determine the flexible budget amounts and calculate the variances when comparing the flexible budget to the actual results (8 marks). Flexible Budget Report Flexible Variance (show Favorable (F) Static Budget Budget Actual as positive or Unfavorable Amount Amount Results amount) (U) Sales in Units Sales 4,000 $ 520,000 4,200 588,000 Less: Variable Costs Variable Cost 1 ariable Cost 2 Variable Costs 03 Budgeting 04 Variance Analysis 200,000 80,000 280,000 Formulas 217,000 70,000 287,000 Q5 Critical Thinking Sheet: XCO B Conditional or 9 Merge Can soment Row 3. Delete Row CLICK HERE TO SAVE YOUR WORK 80.000 280.000 240.000 70.000 287,000 301.000 10 Variable Cost 2 11 Total Variable Costs 12 Contribution Margin 13 Less: Fixed Costs 14 Fixed Cost 1 15 Fixed Cost 2 16 Total Fixed Costs 7 Net Operating Income 26,000 9,000 35,000 205,000 21,000 10,000 31,000 270,000 What is the advantage of using a flexible budget report to evaluate performance of a profit center (1 mark) 03 Budgeting 04 Variance Analysis 05 Critical Thinking Formulas Sheet